Hurry! Rescue your credit card: Hurricane money tips
With the June 1 arrival of hurricane season, media outlets are full of advice for protecting your physical belongings. While those steps are crucial, money experts also remind people in hurricane-prone zones to take a few minutes to prepare their fiscal assets, too.
According to the National Oceanic and Atmospheric Administration, this hurricane season is predicted to be relatively mild. The NOAA's Climate Prediction Center says only four to eight of the named storms this season will be strong enough to form a hurricane -- where the average is six. However, according to NOAA Administrator Jane Lubchenco, that is not an invitation to sit idly by.
"NOAA's outlook predicts a less active season compared to recent years," says Lubchenco. "But regardless of the outlook, it's vital for anyone living or vacationing in hurricane-prone locations to be prepared."
Preparedness comes in many forms -- one of the most vital being financial preparedness. This is why a number of organizations have compiled lists of tips and advice to prepare for disaster, including a release from PNC Bank, that if disaster does strike, the road to recovery will be a bit smoother.
Here are some of the tips:
- Keep cash with you -- In an electricity outage, ATMs won't be working and it's a good idea to have an emergency cash fund.
- Makes copies of and floodproof important documents -- You'll need to have copies in a safe place if originals are destroyed. Consider a safe deposit box.
- Register for mobile banking -- Your cellphone may become your only way to access important accounts, such as your bank account.
See related: Pre-disaster financial preparedness checklist
- Late payments on cards worsen as balances rise, NY Fed says – Growing card balances are weighing heavier on consumers' budgets, New York Fed report shows, but problems remain low historically ...
- Fed: Card balances rose by $5.1 billion in December – Card balances rose to a new all-time high in December, according to the Federal Reserve ...
- San Antonio tops list of cities with heaviest card debt burden – San Antonio residents would take the longest time to pay off credit card debt relative to income compared to other major U.S. cities, a CreditCards.com analysis found. By contrast, San Francisco and Minneapolis residents would take the shortest ...